Anthropic's Amended IPO Filing Lists $895.4 Billion in Commitments and a Cancellable Lambda Contract

Since Anthropic opened its IPO roadshow earlier this month, the amended S-1 has become the document investors are reading most closely. It is where the size and the fine print of the company's compute obligations show up.

The number grew, and so did the conditions

The amended filing puts Anthropic's purchase commitments and lease agreements at an aggregate of about $895.4 billion, "substantially all of which is related to compute and infrastructure." The earlier draft listed $417 billion for compute.

The largest named commitments are $121.3 billion to Google, $120.5 billion to SpaceX, $110 billion to Amazon and $44.9 billion to Microsoft. The Google, Amazon and Microsoft deals are mostly non-cancelable outside of uncured material breaches, and Anthropic owes the money regardless of actual usage.

The SpaceX contract is different. It can be canceled with 90 days' notice starting next March.

The $895.4 billion does not include another $125 billion to $150 billion of TPU capacity that Anthropic expects to buy between 2028 and 2031. That would come through a Google Cloud deal, a direct Google purchase with five-year financing, or a partner.

The filing also lists a $50 billion deal with Fluidstack and contracts with TeraWulf and Hut 8. It does not mention Anthropic's $11.6 billion cloud deal with Akamai or its compute agreement with CoreWeave.

Lambda: a cancellation right, no notice yet

The revised filing says Anthropic is now entitled to terminate its main computing contract with Lambda. Lambda failed to secure a required facility lease by a specified date, according to the filing's terms.

The contract is worth $34.9 billion, about 85% of the $41.3 billion Anthropic committed to Lambda in agreements signed between May and August. It runs through 2034.

Anthropic says it currently has no intention of ending the relationship, and neither side has issued a termination notice. Under the terms, Anthropic pays only as capacity is delivered and accepted.

Nscale needs lenders

Anthropic has agreed to spend up to $44.6 billion with Nscale through 2033. The deal covers the first building of a planned West Virginia campus that is slated to run Nvidia's Vera Rubin chips. The two companies are also discussing a second deal of roughly $45 billion for another building.

The filing requires Nscale to try to obtain qualifying financing for its Nvidia GPUs. Nscale had about 25,000 advanced chips running in August, against a plan of nearly 500,000, and has not announced any lenders for the West Virginia build. It is separately seeking to go public at a valuation of up to $35 billion.

The Data Letter, a newsletter covering AI finance, reports that Nscale and Lambda together make up less than half of the commitments Anthropic has flagged as conditional or cancellable.

AMD is buying in

The filing also reiterates the AMD arrangement announced July 22. AMD has committed to invest up to $5 billion in Anthropic Class N stock, paid out as GPU delivery and deployment milestones are met. The shares carry no voting rights but have the same economic rights as Class A.

The money is tied to Anthropic deploying up to 2 gigawatts of AMD Instinct MI450 GPUs. The first phase is targeted for the first half of 2027, and the full investment is expected to be spread through fiscal 2028.

The structure runs the opposite way from AMD's earlier AI deals. With OpenAI and Meta, AMD gave the customer equity warrants. Here AMD is taking equity in the customer.

The revenue side

Anthropic disclosed third-quarter revenue of $17 billion and a quarterly net loss of $23.29 billion. Quarter-over-quarter growth slowed to 47%, from 144% in the second quarter and 132% in the first.

For the first half of 2026, the S-1 shows $16.3 billion in revenue against an $80.7 billion net loss. Of that loss, $72.4 billion was an accounting charge on convertible notes and SAFEs, which Anthropic attributes mainly to the rising value of those instruments as its valuation increased. Operating loss was $693 million.

The company says more than 1,900 customers each pay at least $1 million a year, and it had $10.8 billion of contracted revenue left to recognize at June 30. It also warns: "We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all."

The skeptic's math

Joseph Orefice, who says he spent his career underwriting commercial loans, read the filing the way he would a rent roll and lease schedule. He argues that nearly $900 billion in compute obligations sits against a market where the price of AI keeps falling. He says his issue is the filing, not the product, which he calls excellent.

Reuters has reported that some current and prospective investors were discussing a valuation of about $1.5 trillion, down from earlier talk of $2 trillion, after the slower third-quarter growth became known.

The New York Times has reported that Anthropic is expected to have more than 3.5 gigawatts of compute this year and a similar amount in 2027.

What to watch

The shares are to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the deal. Press reports have pointed to pricing in mid-to-late November. Before then, Lambda's missing facility lease and Nscale's missing lenders are the two open items, and the filing's Lambda language gives both Anthropic and Lambda the right to cancel, though Anthropic says it has no plans to use it.